News

Wells Fargo paid the U.S. government $67,500 for performing financial services in the United States at the behest of an individual in Iran that officials had previously voiced concerns about. The transactions, which totaled nearly $60,000, violated U.S. sanctions and followed an April 2002 warning by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) about the accounts, the agency said. The transactions, which were not detailed by OFAC, took place between March 2005 and July 2006 and were not voluntarily disclosed by the bank. The agency, which also penalized Discover Financial Services $8,700 for providing credit card services...